Conclusion e.g. there is no breach Law of Contract Terms of the contract * Express terms * Terms stated and agreed to by parties * In simple cases‚ terms stated in offer * Eg‚ $ reward for cat * Major commercial contracts require signs from both parties. * Contract contains most terms * But‚ only needs to be written when statute requires * Not necessarily written in 1 document. * Pre-contractual statements
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RMIT COMMERCIAL LAW LAW2442 Weekly Tutorial Problems Semester 1‚ 2014 Week 1: No tutorials‚ except for Monday tutorial groups There are no Commercial Law tutorials for the Tuesday‚ Wednesday and Thursday tutorial groups in week 1. However‚ for the Monday tutorial groups‚ Commercial Law tutorials start in week 1. This is to make up for the loss of the Commercial Law tutorials on Monday March 10 (in week 2) which is the Labour Day public holiday. Students
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principal and the agent. An agency can be created in three types of ways‚ 1. Express agreement‚ whether oral or written‚ 2. Implication‚ based on the custom or practice of the trade‚ or 3. Conduct of the principal. Creation of agency is essential to commercial and financial transactions‚ because and organization can function only through it’s agents. Creation of Agency An agency relationship can arise by agreement‚ necessity‚ ratification and estoppel. By Agreement: Express Authority:
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As long as I can remember‚ airplanes‚ airports and flying‚ has always fascinated me. During my childhood‚ we lived on the top floor of a high-rise building located directly on the Pearson Airport’s landing and take off flight path. I use to spend countless hours just gazing the sky watching airplanes. When I was old enough to operate a pc‚ the MS Flight Simulator was my favorite game that helped me learn and understand the various features of a cockpit and how to takeoff and land a plane. I had decided
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for $490 would take delivery 7 days later. HERE THERE IS AN OFFER AND ACCEPTANCE... AGREEMENT IS PRESENT... IS THERE CONSIDERATION? YES‚ EXECUTORY. THERE IS AN EXCHANGE OF PROMISES... A BENEFIT FOR BOTH PARTIES – THERE IS ALSO INTENTION AS IT IS A COMMERCIAL AGREEMENT – EDWARTD V SKYWAYS - When Dim came to pay and collect the oven 7 days later‚ Siti refused to hand over the oven telling hthat the price was now $550. Dim called Siti a cheat and wants to sue her. SITI IS IN BREACH OF CONTRACT Advise
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Commercial Law Questions 1 What is meant by the terms "void" and "Voidable"- give examples quoting relevant case law. Void = is where there is no contract and never did exist in the first place‚ and a third party has no rights at all under a void contract. Case law: J Loudon & Co v Elder’s Curator Bonis. Voidable = is where a contract is valid until the court sets it aside‚ and a third party has good title if contracted before the contract being set aside or reduced by the courts. (The timing
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Question 1 Identify the various sources of Malaysian Law Written Law The sources of law consist of written law and unwritten law.In written law‚it have federal constitution‚state constitution‚legislation and subsidiary legislation. Federal Constitution Malaysia is a federation of 13 states with a written federal constitution . Article 4 of the federal constitution of Malaysia provides that the federal constitution is the supreme law of the country . The constitution is a unique expression of
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Capital adequacy ratio (CAR) also called Capital to Risk (Weighted) Assets Ratio (CRAR)[1]‚ is a ratio of a bank’s capital to its risk. National regulators track a bank’s CAR to ensure that it can absorb a reasonable amount of loss [2] and are complying with their statutory Capital requirements. Capital (Finance) In a fundamental sense‚ capital consists of anything that can enhance a person’s power to perform economically useful work. A stone or an arrow is a capital for a caveman who can
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Chinese Commercial Law (MLM 703) Trimester 3‚ 2008 ..... Assignment 1 Table Content: | | |tABLE OF cONTENT………………………………..…....……........………2 | |aBBRIVIATIONS USED IN sTUDY..……………………………….......... 3 | |eXECUTIVE
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Contracts (C3‚ pg 58) |Nature of contract |- Legal relationship consisting of the right and promises constituting an agreement between the parties that give each party a legal | | |duty to the other and also the right to seek for breach of those duties | | |- Consensus ad idem (meeting of minds); what the parties agree on must be clear and unambiguous and parties must be ad idem. |
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